Miners continued to lose income in September

The income of Bitcoin miners showed a decline for the third month in a row, JPMorgan analysts calculated. RBC Crypto. Daily yields and profits from cryptocurrency mining fell amid the continued growth of hashrate on the Bitcoin network.

According to JPMorgan estimates, in September miners received an average reward of $42.1 thousand per hour on equipment with a capacity of 1 exahash per second (EH/s), which is 6% less than the month before. Gross profit for this period also fell by 6%, to $16.1 thousand per EH/s, analysts wrote.

In total, miners earned $802.24 million in September, which is 3% less than $827.56 million in August and 13% less than $927.35 million in July, according to data BitBo.

At the same time, a key indicator of the profitability of Bitcoin mining – the Bitcoin Hashprice Index – was at $46 on September 30, which is higher than its value at the end of August, when it was about $42.

The index was introduced by the American mining company Luxor Technologies. Its value shows how much a miner with a computing power of 1 petahash per second (PH/s) can earn per day.

At the peak at the end of 2021, the figure reached $3.5 thousand. From the beginning of 2024 until the halving on April 20, it was in the range from $77 to $120. After the halving, the indicator jumped to $139 due to the high commissions that miners received, but after the average commission size returned to normal, the hashprice value mostly decreased.

Mining profitability in August exceeded that in September due to the index jump to $53 in the middle of the last summer month. As of October 1, the Bitcoin Hashprice Index is at $45.82.

Meanwhile, the hashrate on the Bitcoin network increased in September for the third month in a row. Since August it has increased by 2%, to 643 EH/s. At the same time, mining difficulty at the end of September fell by 4.6%, to 88.4 T.

Typically, the difficulty of mining increases along with the growth of the hashrate – this allows you to keep the cryptocurrency emission schedule unchanged. The next recalculation is expected to occur on October 10, it will lower the figure is another 2.96%.

Large miners are counting on an increase in the price of Bitcoin, which can significantly affect the profitability of mining. CleanSpark expects the BTC rate to approach $200 thousand within a year and a half. The second largest miner from the United States by capitalization adheres to the HODL strategy and accumulates mined bitcoins, hoping to sell them at a price higher than the current one.

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